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Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
 MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochemical Co. Ltd. for the purchase of six newbuild 98,000 cubic meters Very Large Ethane Carriers (VLECs). Concurrently, MISC, through its vessel-owning entity, Portovenere and Lerici (Singapore) Pte. Ltd. (PLS) has entered into Time Charter Parties (TCPs) with Zhejiang Satellite Petrochemical Co. Ltd. (STL) for the time charter of the six VLECs for operations in international waters.
The VLECs will be purchased by MISC for approximately USD726 million and chartered to STL through PLS for a firm period of 15 years. The charters for the VLECS are expected to commence in the fourth quarter of 2020. Samsung Heavy Industries Co., Ltd. and Hyundai Heavy Industries Co., Ltd., both shipyards in Korea, are constructing three vessels each.
MISC’s President & Group Chief Executive Officer, Mr. Yee Yang Chien said “A new chapter is in the making as we make our entry into the global ethane market with these six VLECs and a new alliance in China. The acquisition of these six VLECs marks a milestone in MISC’s offerings for large scale ethane transport. Adding to the strength and expansion of our existing fleets as well as diversifying our portfolios, we are now the proud owner of six VLECs – which are the largest vessels of its kind, aside from the existing seven VLECs in the world. As one of the only three owners of such vessels in the world, this new addition to our fleet would strengthen MISC’s competitive advantage in this segment. I would like to thank Zhejiang Satellite for the invaluable trust given to us. I believe the alliance formed here today will endure well into the future”. “Despite the current challenging market environment, MISC Group has been making notable strides; as part of our effort to diversify our portfolio, develop new solutions and enlarge our presence with the addition of new markets. The long-term charter parties are instrumental to the built up of our sustainable income stream; a clear reflection of long-term drivers that sets our growth
strategies and valuable investments. The fact that these milestones are achieved at a time like this, shows MISC’s resilience and consistency in its virtuous growth,” he further added. During the signing ceremony, MISC was represented by Mr. Yee Yang Chien and Mr. Zahid Osman who is the Vice President of LNG Business, MISC Berhad while STL was represented by its Chairman & President, Mr. Yang Weidong and Vice President, Mr. Lu Wei Wei. Mr. Yang Weidong commented, “China and Malaysia have been having a very good relationship for quite a long time. Especially during the recent years, the cooperation between the two countries has been greatly increased. Today by entering into this agreement, Satellite and MISC have just started a new venture, in which the two parties will build a global logistics supply chain for chemicals together. This supply chain is going to safeguard the world-leading ethylene cracker that is being built by Satellite. Together, the two companies will help accelerating the development of global chemical industry. I believe that our cooperation will be very successful and last long.” MISC is currently one of the largest single owner-operators of LNG tankers in the world with distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries. At present, its LNG fleet comprises of 29 LNG carriers and two FSUs with a combined deadweight tonnage (dwt) capacity of over two million dwt. Four LNG carriers are currently under construction.
About MISC Berhad
MISC Berhad (MISC), was incorporated in 1968 and is a world leading provider of international energy related maritime solutions and services. The principal businesses of the Group comprise energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, integrated marine services, port and terminal services as well as maritime education and training. As at 30 June 2020, MISC Group’s fleet consists of more than 100 owned and in-chartered vessels comprising of Liquefied Natural Gas (LNG), Petroleum and Product vessels, 14 Floating Production Systems (FPS) as well as 2 LNG Floating Storage Units (FSU). The fleet has a combined deadweight tonnage (dwt) capacity of more than 14 million tonnes. We take pride in our asset and service reliability, commitment to uphold the highest standards of Health, Safety and Environment (HSE), fostering a culture of excellence amongst our employees, operating responsibly and caring for the environment as well as making a positive difference to the communities in which we operate.
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Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Kobexindo Tractors - Indoneisa
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- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
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- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
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- PTC India Limited - India
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- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
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- Interocean Group of Companies - India
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- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
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- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
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- White Energy Company Limited
- Indonesian Coal Mining Association
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- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
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- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
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- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
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- Thai Mozambique Logistica
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- GN Power Mariveles Coal Plant, Philippines
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- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
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- Kaltim Prima Coal - Indonesia
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- Oldendorff Carriers - Singapore
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